Income Tax Act 2007 sections 119–123

Price differences under repos

Sections 119–123 previously dealt with the income tax treatment of price differences arising under sale and repurchase arrangements (repos), but these provisions have been repealed.

• Sections 119–123 originally addressed how price differences under repo transactions were treated for income tax purposes.
• These sections were repealed by the Finance Act 2013, Schedule 12, paragraph 15(4).
• The repeal formed part of a broader overhaul of the tax rules governing repos and stock lending arrangements introduced by the Finance Act 2013.
• Practitioners should refer to the replacement legislation in the Finance Act 2013 for the current rules on the taxation of repo price differences.